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All Forum Posts by: Aaron Sommerville

Aaron Sommerville has started 1 posts and replied 2 times.

Starting Out

Post: Purchasing my first rental property in 12 - 14 months, any advice?!

Aaron SommervillePosted
  • New to Real Estate
  • Charlotte, NC
  • Posts 2
  • Votes 0
Quote from @Julia Lyrberg:


In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies. An inspection is crucial to catch any major issues upfront. 

Where do I begin to learn about the cost associated with the 3 - 6 months of expenses and the inspection process?


0 Votes
Charlotte, North Carolina
Starting Out

Post: Purchasing my first rental property in 12 - 14 months, any advice?!

Aaron SommervillePosted
  • New to Real Estate
  • Charlotte, NC
  • Posts 2
  • Votes 0

Hey Everyone,

I am completely new to Real Estate. 

My original plan was to save up for a year and buy my first home. After talking with my mentor (He's a realtor with 20+ years experience) he suggested purchasing a rental property first. He mentioned looking into FHA loans and after some research I see that you need to live in the home for 12 months before converting it into a rental property. One of my friends suggested finding a duplex.

I found a single family home built in 2004 for $240,000 and believe I can get 20% down within 12 months. However I am wondering what I need to have in addition to cover repairs and others things that I may not be considering.

Any advice and recommendations would be much appreciated!

Aaron

0 Votes
Charlotte, North Carolina